Answer to Question #93510 in Microeconomics for Best Sohati

Question

(A) Explain the shut -down pf a perfectly competitive firm in the short run,illustrate your answer graphically.(5marks)

(B) A market consists of three consumers whose demand curves are : P=35-0.5Qa; P=50-0.25Qb; and P=40-2Qc. Calculate the market demand for the commodity and the equlibrium output and price if the supply function is given by Qs=40+3.5P.

(C) Illustrate your answer graphically,does it represent a surplus or a shortage
(D) Calculate the total Revenue.

Answer 1

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